TheStreet.com TV Recap: Off-Balance-Sheet Risks

Any time there are off-balance-sheet obligations that aren't easily accessible when looking at a company's financials, like Citigroup's (C Quote) seven troubled structured investment vehicles, it can be an Enron-esque situation, Jim Cramer said on TheStreet.com TV's Wall Street Confidential Web video Friday.

This is what Enron did with the Raptor portfolio, "which was really just a lot of obligations that you didn't realize," he explained. The seven SIVs were always Citigroup's obligations, and Cramer said he doesn't understand why they were able to be kept off-balance sheet in the first place. "It seems like the accounting profession just routinely lets us down," he said.

Cramer: Citi's Enron-esqe Black Hole

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